§490:4-106 Payable through or payable at bank; collecting bank. (a) If an item states that it is "payable through" a bank identified in the item, (i) the item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item, and (ii) the item may be presented for payment only by or through the bank.
(b) If an item states that it is "payable at" a bank identified in the item, (i) the item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item, and (ii) the item may be presented for payment only by or through the bank.
(c) If a draft names a nonbank drawee and it is unclear whether a bank named in the draft is a co-drawee or a collecting bank, the bank is a collecting bank. [L 1991, c 118, pt of §4]
Note
This section is new. Former §490:4-106 renumbered as §490:4-107.
Section: Previous 490-3-604 490-3-605 490-4-101 490-4-102 490-4-103 490-4-104 490-4-105 490-4-106 490-4-107 490-4-108 490-4-109 490-4-110 490-4-111 490-4-201 490-4-202 NextLast modified: October 27, 2016